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Prices of a barrel of Brent and Texas oil today, May 6: how much does it cost and how much is it quoted?

Crude oil prices increased at the beginning of the session this Friday, heading for a second consecutive weekly increase.

The European Union’s proposal to ban imports of all Russian crude oil and petroleum products by the end of the year overcame market concerns about slowing Chinese oil demand amid tough restrictions on oil COVID-19.

Last Wednesday, the European Commission officially proposed a total ban on imports of Russian crude oil and oil products by the end of the year.

“Let’s be clear: it will not be easy. Some Member States are highly dependent on Russian oil, but we simply have to work on it. Now we propose a ban on Russian oil. This will be a total import ban on all Russian oil, by sea and by pipeline, crude and refined.”said the president of the European Commission, Ursula von der Leyen.

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Prices of a barrel of Brent and Texas oil today, May 6: how much does it cost and how much is it quoted?

According to Oil Price Charts, a renowned website that has more than 150 oil indices and mixtures worldwide, this Friday, at 1:56 pm ET, a barrel of West Texas Intermediate (WTI) oil is at $109.30, up 0.96%. On the other hand, the Brent barrel is at $111.86 with an increase of 0.87%.

In April, both Brent and WTI posted their fifth consecutive monthly gain, the longest run of monthly gains since the beginning of 2018. The Brent closed the month with a rise of 1.3%, while the WTI ended with a 4.4%.

The rise in crude prices has been fueled by fears that Russian supply will continue to be disrupted by the conflict in Ukraine. Although several countries have agreed to release barrels from their strategic reserves, they need to find long-term measures to cover Russian supply.

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